Many economists view underfunded pensions as one of the biggest threats to the nation's fiscal health. Two votes in California Tuesday show how public sentiment is leaning toward cutting costs, even if it means taking away promised benefits.

Investors, take note. Many believe John Hancock and other 401 (k) providers like it are "fiduciaries," meaning they ensure investment options available to participants are the best -- and they put the interest of the plan participants above all others. That's not always the case.